Mizuho initiated coverage of AES Corp. with a Buy rating and $21 price target. AES is an owner and operator of U.S. utilities, renewable developer, and global energy infrastructure pioneer, the analyst tells investors in a research note. The firm says its investment thesis is predicated on the strong, long-term contracted cash flow of the company’s underlying assets, and its ability to recycle capital and grow its renewables portfolio in the U.S. It finds the stock undervalued at current levels.
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